Palm Beach Approves New Budget and Tax Increase

The Town Council approved an $82.4 million budget and a 5 percent property tax hike for the budget year that began Oct. 1.

Tuesday’s public hearing was the second at which the council unanimously gave “final” approval to the 2018-19 budget and tax rate.

The budget is nearly 2.5 percent larger than the previous year’s $80.5 million budget. The new spending plan calls for a leaner workforce and cuts in spending cuts throughout all departments. Much of the increase is going into the town’s retirement fund to drive down long-term pension costs.

The new tax rate is $3.13 per $1,000 of taxable value — less than last year’s $3.20 per $1,000. But it represents a 5.3 percent tax increase because property values have climbed.